I am being mentored by a local agent who owns approximately 30 properties in the area, this property in on the north side of town which is known to be a higher rent area but comps are tough to come by....the figure that i used for rent came from him but I will do more research before making an offer on this property.  

In regards to short-term opportunities I understand 100% why HELOC would be advantageous, but flips are pretty tough to come by these days. 

That was a tough one to catch.

I currently have 131 units... those units are spread out between 21 different property locations. From as small as a duplex all the way up to a 56 unit complex. With that being said I have a 5 unit building cash flows...

I would still encourage you try conventional instead of private loan but your no income would make it tough. 

If you raise the rent and they cannot afford it--they may move vs re-homing the cats (which is tough to do, emotionally and physically).Just my 2 cents.

Would you mind explaining more why you think Upstate NY is tough.

Twenty something worker doesn't show up despite confirming the night before he would be there. 

Deals are tough to come by in this area, I can't count on appreciation, and I don't want to downgrade my personal living environment too drastically.

I'm in Los Angeles, to get over 15% is tough, and getting harder.